The Department of Science and Technology’s Technology Innovation Agency (TIA) has agreed to work with and offer matching funds with two local angel investors, Jozi Angels and Dazzle Angels (SA’s first female-focused angel group).
The agreement is part of TIA’s Industry Matching Fund which the agency launched last year to offer a blended funding model between funders and industry, TIA said in a statement yesterday.
Under the terms of the agreement, TIA will co-invest alongside the angels within these networks on a one-to-one basis.
The two angel funds join the SA SME Fund and the Industrial Development Corporation (IDC), which are already co-operating with TIA through the programme.
The programme offers a risk sharing mechanism for co-investment and follow-on funding, including TIA funding.
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It not only attracts industry participation, but equally provides commercialisation, acceleration, and incubation support through various initiatives with the private sector in order to help innovators to gain market access for their products and services.